Chinese state traders make large US soybean purchases
China agreed to buy 25 million metric tons of U.S. soybeans annually as farmers try to offset 7% less farmland since 2000.
- China bought at least 13 cargoes, about 800,000 metric tons, of U.S. soybeans on Friday due to lower prices, according to two Asian traders.
- State-Run firms like Sinograin purchased 14-16 cargoes of U.S. soybeans ahead of President Xi Jinping's expected U.S. visit next month, as reported by four Asian traders.
- Sinograin sold about half of 504,000 tons of imported soybeans at auction to make room for incoming U.S. shipments.
- China's purchases of U.S. soybeans align with its commitments to Washington ahead of President Xi's anticipated U.S. visit.
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US soybean farmers race to meet global demand as farmland shrinks
The U.S. soybean industry is working to meet growing global demand despite operating with less farmland and fewer farms.According to the Department of Agriculture, the U.S. had about 943 million acres of farmland in 2000. That figure has since fallen about 7% to 874 million acres. The USDA also reported that the country lost approximately 307,000 farms over the same period.Meanwhile, global demand for American agricultural products, particularly…
(Beijing=Yonhap News) Correspondent Kim Hyun-jung = Ahead of Chinese President Xi Jinping's visit to the United States scheduled for next month, China is purchasing large quantities of U.S. soybeans, and U.S.-China trade...
Chinese state traders make large US soybean purchases
China's state-run trading companies bought 14-16 cargoes of U.S. soybeans on Friday, four Asian traders told Reuters on Monday, taking advantage of lower prices in a flurry of purchases ahead of President Xi Jinping's expected U.S. visit next month.
The U.S. Department of Agriculture confirmed on Monday (August 3) that China purchased nearly 500,000 tons of soybeans. With the Trump-Xi meeting scheduled for next month, U.S. soybean exports to China are expected to continue to grow.
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